Prime Minister Lee Hsien Loong said this at the Teck Ghee Lunar New Year dinner on Saturday evening.
In his speech, Mr Lee said the government is already seeing signs of a slowdown, with Singapore expected to grow by one to three per cent this year.
Despite the slow growth, Mr Lee said it would not be a repeat of the 2008 financial crisis. He said the government will take the current economic climate into consideration when preparing the Budget.
He said: "We project growth (to be around) one to three per cent. It's significantly less than what we got last year, when we had nearly five per cent growth. But I think if we get that, we will not be doing badly.
"The government is monitoring the situation very closely. Overall, I think that this year will not be as bad as 2008, when we had a very big crisis and everybody was quite worried and scared. But nevertheless we will look carefully at the outlook and we will take into account when we prepare the budget this year."
One area that the Budget will focus on is to help companies upgrade and help Singaporeans protect jobs.
The government will also do more in areas like housing and education.
Lower income families, especially vulnerable in such financial climates, will be given a leg-up to compete internationally. Safety nets - including ComCare schemes and childcare subsidies - will also be strengthened.
With about 15 per cent of the population expected to be 65 years and older, Mr Lee said the government will also help the elderly in terms of medical expenses. In terms of housing, more studio apartments will be built for them.
While Singapore is in a strong position to overcome the challenging year ahead, Mr Lee said it cannot do so alone, and called on Singaporeans to work together with the government to achieve a brighter future for all.
More than a thousand residents joined Mr Lee in celebrating the festive season with song and dance and Lunar New Year goodies.
-CNA/ac
Business & Investment Opportunities
YourVietnamExpert is a division of Saigon Business Corporation Pte Ltd, Incorporated in Singapore since 1994. As Your Business Companion, we propose a range of services in Consulting, Investment and Management, focusing three main economic sectors: International PR; Healthcare & Wellness;and Tourism & Hospitality. We also propose Higher Education, as a bridge between educational structures and industries, by supporting international programs. Sign up with twitter to get news updates with @SaigonBusinessC. Thanks.
No comments:
Post a Comment